September 28th – By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators lifted their bullish net positions in the Gold futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 312,444 contracts in the data reported through Tuesday September 24th. This was a weekly advance of 29,845 net contracts from the previous week which had a total of 282,599 net contracts.
The week’s net position was the result of the gross bullish position (longs) rising by 28,882 contracts (to a weekly total of 370,393 contracts) while the gross bearish position (shorts) fell by -963 contracts for the week (to a total of 57,949 contracts).
Gold speculators sharply raised their bets this week for a 2nd straight week and by the most in the past seven weeks. The boost in bullish bets brings the current standing to the highest level since July 5th of 2016, a span of one hundred and sixty-eight weeks.
Free Reports:
The gain in speculative bullish bets this week has now pushed positions higher for sixteen out of the past twenty-two weeks.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -345,145 contracts on the week. This was a weekly decline of -26,746 contracts from the total net of -318,399 contracts reported the previous week.
Gold Futures:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1540.20 which was an uptick of $26.80 from the previous close of $1513.40, according to unofficial market data.
*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets.
The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators).
Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
Article By CountingPips.com – Receive our weekly COT Reports by Email